Bank credit to the domestic private sector: December 2016

In December 2016, the annual growth rate of total credit extended to the domestic private sector stood at -1.5%, from -1.3% in the previous month. The monthly net flow of total credit to the domestic private sector was negative at €29 million, compared with a positive net flow of €62 million in the previous month.

Credit to corporations

In December 2016, the monthly net flow of credit to corporations was positive at €143 million, compared with a positive net flow of €283 million in the previous month, while the annual growth rate of credit stood at -0.1%, from 0.2% in the previous month. In particular, the annual growth rate of credit to non-financial corporations was 0.0%, from 0.5% in the previous month and the monthly net flow of credit to non-financial corporations was negative at €102 million, against a positive net flow of €226 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at -0.2% in December 2016, from -4.3% in the previous month and the monthly net flow of credit was positive at €245 million, compared with a positive net flow of €57 million in the previous month.

Credit to sole proprietors and unincorporated partnerships

In December 2016, the monthly net flow of credit to sole proprietors and unincorporated partnerships was negative at €15 million, compared with a negative net flow of €13 million in the previous month and its annual growth rate stood at -1.9%, from -2.1% in the previous month.

Credit to individuals and private non-profit institutions

In December 2016, the monthly net flow of credit to individuals and private non-profit institutions was negative at €157 million, compared with a negative net flow of €208 million in the previous month and its annual growth rate stood at -2.8%, unchanged against the previous month.

Note (1): As of December 2016, loans extended by the Consignment Deposits and Loans Fund (housing loans amounting to €3.6 billion and business loans amounting to €0.2 billion) are excluded from the outstanding amounts of domestic credit, as the institution has been reclassified from the financial sector of the economy to the General Government sector (see the relevant announcement of ELSTAT here).
Because of the above reclassification, the deposit data published by the Bank of Greece on its website, as of December 2016, do not include the deposits held in the Consignment Deposits and Loan Fund by the private sector (€4.2 billion) and the General Government sector (€ 2.9 billion). Moreover, as of December 2016 the deposits of the Hellenic Deposit and Investment Guarantee Fund (€2.1 billion) are not included in the deposits of the private sector, but in the deposits of the General Government (see also the above ELSTAT announcement).

Note (2): The next Press Release on 'Bank credit of the domestic private sector' for January 2017 will be published on 28 February 2017.

Related link: Bank credit to the domestic private sector: December 2016 - Table